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Commodity Plastic Market Growth, Forecast 2021-2028

The global commodity plastic market is being driven by the widespread use of commodity plastic in packaging, consumer goods, electronics, automobiles, and other industries. The global market is also expected to grow due to an increase in demand for use-and-throw plastics and personal protective equipment kits.<br>

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Commodity Plastic Market Growth, Forecast 2021-2028

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  1. Global Commodity Plastic Market, By Product Type, Trend Analysis, Competitive Market Share & Forecast, 2021-2027

  2. Global Commodity Plastic Market - Industry Trends & Forecast Report 2028 A study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global commodity plastic market reached USD 466.40 billion in 2020. According to the study, the market is anticipated to reach USD 689.05 billion by 2027 growing at a CAGR of 6.1% during the forecast period (2021-2027). The growth of the market is primarily driven by the increased demand for plastic in packaging, food, beverage, pharmaceuticals, automotive and electronic applications. Furthermore, the rise of e-commerce has sparked a growth in the packaging industry due to properties such as flexibility, cheapness, and strength. These properties have a significant impact on the packaging industry, thus driving the growth of the global commodity plastic market. 

  3. Growth Drivers  The Flourishing Packaging Industry The growth of the commodities plastic market has fueled the packaging industry due to the dominance of e-commerce sector. According to the United Nations Conference on Trade and Development (UNCTAD) e-commerce, global e-commerce sales jumped to USD 26.7 trillion in 2019, up 4% from 2018.Customers nowadays prefer to buy more goods from online retailers, which is causing a large demand for packaging materials. Commodity plastic is in high demand due to properties such as low cost, low mechanical stress, and abrasion resistance, which are essential in the packaging business. Packaging bottles, trays, crates, etc., for food and beverage packaging, is expected to drive the demand for commodity plastics in the upcoming years, thereby driving the growth of global commodity plastic market.

  4. Restraints  Increasing Concern toward Environment The growth of the commodity plastic sector is being stifled by the government's severe environmental restrictions and prohibitions on plastic waste. Low degradation rates of plastic waste degrade soil nutrients, leading to soil degradation. Plastic is sometimes dumped into water bodies such as oceans, lakes, rivers, and ponds; this pollutes the water and affects the health of aquatic animals. Additionally, the growing awareness among the public regarding environmental safety and hazardous effects of disposing of plastic into the environment is hampering market growth. Sample Copy: https://www.blueweaveconsulting.com/report/global-commodity-plastic-market/report-sample

  5. Impact of COVID-19 Global economies have been disrupted by the COVID-19-induced pandemic. As a result, the economies of several industries were hindered. Many sectors that use commodity plastic, such as automotive, textile, construction, and electronics, saw significant declines in demand, resulting in the slow growth of this market. The shrinking demand from consumers caused many automotive plant manufacturers in the United States, China, and Europe to shut down plants. However, there was a slight increase in demand from applications, such as pharmaceutical packaging, consumer goods, and food and beverage packaging, which positively influenced commodity plastic's market growth.

  6. Regional Insights The global commodity plastic market is segmented into five regions—North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among these regions, the Asia Pacific accounts for the highest share in the commodity plastic market. As a result of the growing demand in the packaging and medical & pharmaceuticals sectors in developing nations such as India, China, and Japan, the Asia-Pacific region is likely to be the fastest growing market during the forecast period as well. India is the world's largest producer of generic drugs and the largest manufacturer of vaccines. Furthermore, China is the world's leading manufacturer of passenger cars. As a result, strong demand from the end-user industry has emerged as a key factor in the organic growth of the commodity plastic market in this region.

  7. Competitive Landscape The Key Players in Commodity Plastic Market are Exxon Mobil (US), LG Chem (South Korea), Sumitomo Chemical (Japan), The Dow Chemical Company (US), SABIC (Saudi Arabia), BASF SE (Germany), LyondellBasell (Netherlands), Sinopec (China), Ineos (Switzerland), Formosa Plastics (Taiwan), Mitsubishi Chemical (Japan), Borealis AG (Austria), Chevron Phillips Chemical (US), ENI SpA (Italy), Reliance Industries (India), Braskem (Brazil), Hanwha Chemical (South Korea), Lotte Chemical (South Korea), Indian Oil (India), Haldia Petrochemicals (India), Nova Chemicals (Canada), Qenos Pty (Australia), Qatar Petroleum (Qatar), Westlake Chemical (US), and PTT Global Chemical (Thailand).The market players compete based on the given product quality and the new and cost-effective manufacturing process, providing them with better yield and optimizing the process for more and better production.

  8. Recent Development In January 2021, The Dow chemical company and Plastigaur announced the successful commercialization of collation shrink films using recycled plastic. In December 2020, Blue Sky Energy (US) chose LyondellBasell's Polypropylene Technology for a new facility in Wenzhou, Zhejiang Province, China. Also in May 2020, Advanced Global Investment Company (Saudi Arabia) chose LyondellBasell's Polypropylene Technology for a new facility.

  9. Key Players Key players in the commodity plastic market are Exxon Mobil, LG Chem, Sumitomo Chemical, The Dow Chemical Company, SABIC, BASF SE, LyondellBasell, Sinopec, Ineos, Formosa Plastics, Mitsubishi Chemical, Borealis AG, Chevron Phillips Chemical, ENI SpA, Reliance Industries, Braskem, Hanwha Chemical, Lotte Chemical, Indian Oil, Haldia Petrochemicals, Nova Chemicals, Qenos Pty, Qatar Petroleum, Westlake Chemical, and PTT Global Chemical, and other prominent players.

  10. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  11. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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